Routledge Dictionary of Economics Second edition phần 7 doc

... PRIZE FOR ECONOMICS in 1 977 .ReferencesSamuelson, P.A. (1981) ‘Bertil Ohlin(1899–1 979 )’, Scandinavian Journal of Economics 83: 355 71 .Steiger, O. (1 976 ) ‘Bertil Ohlin and theorigins of the Keynesian ... wasProfessor of Economics at the School of Oriental and African Studies, University of London, from 1964 to 1 979 . Her mostfamous contribution to economics is hertheory of the growth of the ... Proceedings): 178 – 97. opportunistic behaviour (C7, D0)The actions of a partner to an exchangewho has an informational (or other) ad-vantage, e.g. exclusive knowledge of thetrue quality of a good offered...

... Department of Labor, he wasassistant professor of economics at YaleUniversity (1954–62) before becomingProfessor of the Economics of Educationat the University of London Institute of Education; ... F. and Scholes. M. (1 972 ) ‘TheValuation of Option Pricing Contractsand a Test of Market Efficiency’, Jour-nal of Financial Economics 27: 339–418.—— (1 973 ) ‘The pricing of options andcorporate ... RutherfordSeealso:economicsandpsychologyReferencesAkerlof,G.andDickens,W.T.(1982)‘Theeconomicconsequencesofcognitivedis-sonance’,AmericanEconomicReview 72 :3 07 19.Festinger,L.(19 57) ATheoryofCognitiveDissonance,Evanston,IL:Row,Peter-son.CohesionFund(O0)EUROPEANUNIONfundcreatedin1993bytheMAASTRICHTTREATYtoprovidemoneyforenvironmentalandtrans-Europeannetworkprojectsinmemberstateswhosegrossdomesticproductislessthan90percentoftheEUaverage.Thefundcancontributeupto85percentofthepublicexpenditureonaproject.coinage(E4)Piecesofmetalofastandardsizeandweightstampedbyasovereignpowertogivethemthestatusofmoney.CoinswerefirstusedasmoneybytheLydians(GreekinhabitantsofwhatisnowWestTurkey)intheseventhcenturyBC.Thefirstcoinsweremadeofelectrum,anaturalalloyofgoldandsilver.Silver,bronzeandcopperwerelaterusedinAncientGreeceandtheRomanEmpire.Coppercoins,usedforsmalltransactions,wereissuedwithamonetaryvalueinexcessofthevalueofmetalused,establishingtheprincipleoftokenmoney,whichisthenatureofcoin-agetoday.Thefirstproblemsofcoinage,clippingandforgery,weresolvedbyachangeinproductionmethodfromham-meringtomillingtoensureastandardsize.Thesecondproblem,theinconveni-enceoftransportingittocarryoutlargefinancialtransactions,wasremediedbytheuseofbanknotes.coincidentindicators(E3)MeasuresofeconomicactivityusedbyeconomicforecasterstotrackcyclicalmovementsintheECONOMY.Themainonesusedareemploymentinnon-agriculturalenterprises,personalincomelesstransferpayments.andindicesoftotalindustrialproductionandmanufacturingandtradesales.Seealso:economicindicatorsColbertism(H2,L5,N4,N6)Governmentinterventioninindustry,namedaftertheFrenchMERCANTILISTJeanBaptisteColbert(1619–83)whosuccess-fullyreformedtheFrencheconomyafter1649.InFrance,thehomeofColbertism,thegovernment’sabilitytosubsidizein-dustryandfollowprotectionistpolicieshasbeenlimitedsinceentrytotheEur-opeanEconomicCommunityin1958.Seealso:dirigismecollaborative...

... League of Nations (1940 7) , as professor of com-merce at the London School of Economics (19 47 57) and at Cambridge as professor of political economy (19 57 67) . He wasawarded theNOBEL PRIZE FOR ECONOMICS ... (1 976 ) ‘The origin and devel-opment of media of exchange’, Journal of Political Economy 84: 75 7 75 .Laidler, D. (1969) ‘The definition of money.Theoretical and empirical problems’,Journal of ... are matters of pricing, distribution,investment,WELFARE ECONOMICS, demandand supply. The school of NEOCLASSICAL ECONOMICS was to emphasize the microeco-nomic character of much of economics; KEYNESIANISM...

... DEVELOPMENT, at Yale from 1968 to1 970 , at Stanford from 1 970 to 1 976 andback at the London School of Economics from 1 976 to 1 978 . He is particularlyfamous for hisWELFARE ECONOMICS, princi-pally set ... rates of return of HUMAN CAPITAL and of majorpublic investments are often calculated.An alternative measure is theINTERNALRATE OF RETURNwhich takes into accountthe timing of earnings.rate of ... MILLdisputed aspects of it. Say’s supply anddemand analysis, incorporating the con-cepts of UTILITY and SCARCITY, make himone of the forerunners of NEOCLASSICAL ECONOMICS . Much of his economics was,...

... intendant of Limoges, from 176 1 to 177 4, andContro1eur General of France, from 177 4to 177 6. His celebrated Re´flexions sur laFormation et la Distribution des Richesses( 177 6) anticipated many of ... of macro estimates’, Journal of Labor Economics 1: 1– 27. Mulvey, C. (1 978 ) The Economic Analysis of Trade Unions, Oxford: Martin Ro-bertson.union wage policy (J3, J5)The course of action of US ... Society.Boskin, M.J. (1996) Frontiers of tax re-form, Stanford, CA: Hoover InstitutionPress.Feldstein, M.S. (1 976 ) ‘On the theory of tax reform’, Journal of Public Economics 6: 77 –104.Kay, J.A. (1990)...

... Development© 2002 Donald Rutherford Routledge Dictionary of Economics Second edition The most informative dictionary of economics available, the Routledge Dictionary of Economics avoids the tendency ... Rutherford Routledge Dictionary of Economics Second edition Donald RutherfordLondon and New York© 2002 Donald RutherfordintheChinesecurrency,therenminbi.2Usuallyanon-votingshareoftheequitycapitalofaUKcompany.Theseshareshavebeencreatedtoenablethefoundersofacompanytoretaincon-trol.AsharestradeatlowerpricesthanBsharesastheyareuselesstoothercompaniesattemptingtogaincontrolofthecompany.GraduallytheseshareshavebeenaccordedvotingrightsastheLondonStockExchangeregardsthemasunfair.AsianDevelopmentBank(G2)Bankfoundedin1966withcapitalprovidedbyAsiancountries,theUSA,Canada,theUKandWestGermanyontherecommendationoftheUnitedNationsEconomicCommissionforAsiaandtheFarEast.Itcovershalfoftheworld’spopulation.ItisbasedinManilla,thePhilippines,andisdominatedbytheJapanese,thelargestcontributorofitscapital.Itsconserva-tivelendingpolicyhaschieflyfavouredloansforspecificprojects,e.g.tobuildports,roadsandbridges,ratherthansectorallendingtorestructuretroubledeconomies.Ithasincreaseditslendingtotheprivatesectorandhasajointventurewithcommercialbanks,theAsianFinanceandInvestmentCor-poration(AFIC).Asianoption(G1)ADERIVATIVEsettledincashwhosepay-offisrelatedtotheaveragepriceoftheunderlyingassetinacertaintimeperiod.Alsoknownasanaverageoption.Asiaticmodeofproduction(P0)Themostprimitiveformofproduction,accordingtoMARX,inwhichself-sufficientagriculturalcommunitiesaredespoticallygoverned.Thestate,throughtaxation,appropriatestheeconomicsurplusoftheagriculturalsectortofinancethebuildingofthecountry’sinfrastructure.Thecon-ceptwasdevelopedinthe1950sand1960stoexaminemoreaspectsofstateforma-tionandtheformationofclassesinprimitivecommunities.ReferencesKrader,L.(1 975 )TheAsiaticModeofProduction,Assen,TheNetherlands:VanGorcum.Marx,K.(1964)Pre-capitalistEconomicFormations,ed.E.Hobsbawm,London:Lawrence&Wishart.O’Leary,B.(1989)TheAsiaticModeofProduction:OrientalDespotism,Histor-icalMaterialismandIndianHistory,Oxford:BasilBlackwell.askprice(G0)ThesellingpriceofaSECURITYsetbyafinancialinstitution.Seealso:bidpriceasset(D0,G0)1Aresourcewithamarketvalue.2Aunitofwealthcapableofearninganincome.3Alargeenoughestatetodischargetheburdenonanheirorexecutor.Real(ortangible)assetsincludelandandmachinery;intangibleassetsincludegood-willandpatents;financialassetsincludecashandstockmarketsecurities.Seealso:nationalwealth;wealthassetcard(G1)ADEBITCARD.assetmotive(E4)Amotiveforholdingmoney.Toavoidriskyinvestments,peoplearepreparedtosacrificehighreturnsbykeepingtheirportfoliosinaliquidornear-liquidform.Seealso:speculativedemandformoneyassetspecificity(G0)Theuniquecharacterofadurableasset,e.g.amachine,askilledworkeroraproductionsite,whichmeansthatithasalowreturninotheruses.FormanyspecificassetsthecostofemployingthemisinthenatureofaSUNKCOST.Seealso:economicrent;transferearnings© ... I hope that this Routledge Dictionary of Economics is all of these.© 2002 Donald RutherfordbySCHUMPETERinthelatter’stheoryofdevelopment.BothMisesandSchumpeterweremembersofBoehm-Bawerk’scele-bratedseminar.AfterthecollapseoftheAustro-Hun-garianEmpireattheendoftheFirstWorldWar,themembersoftheschooldispersedtotheUK,USAandGermany.ProminentnewmembersofitincludedHABERLERandMACHLUP.Inthelatetwenti-ethcenturyHAYEKandLudwigLACHMANNwereleaders.LaterAustrianshaveat-temptedtousethebasicconceptsofradicalsubjectivism,humanpurposeandaspontaneousmarketordertocontributetomoderndebatesaboutexpectations,competitionandeconomicwelfare.Theirpolicyconcernshaveincludedtherelation-shipbetweenMONETARYPOLICYandtheTRADECYCLE,FREEBANKINGandcriticismofsocialism.ReferencesGrassl,W.andSmith,B.(1986)Austrian Economics, London:CroomHelm.Hicks,J.R.andWeber,W.(eds)(1 973 )CarlMengerandtheAustrianSchoolof Economics, Oxford:OxfordUniversityPress.Lachmann,L.(1 976 )‘FromMisestoShackle:anessayonAustrianeconom-icsandtheKaleidicSociety’,JournalofEconomicLiterature14:54–62.Littlechild,S.(1990)AustrianEconomics,3vols,Aldershot:EdwardElgar.autarky(P0)1Self-sufficiency.2Acompletelyclosedeconomywhichdoesnotengageininternationaltrade.Althoughmanyeconomieshavewantedsuchindependencefromtherestoftheworldtoincreaseemployment,theirenthusiasmhasbeentemperedbyanexaminationoftheothereffectsofprotection.Seealso:utopiaauthoritativecontracting(J2,J3)seeemploymentcontractautocorrelation(C1)Thestateofaneconometricrelationsuchthatsomeoralloftheexplanatoryvari-ablesarehighlycorrelatedwitheachother.Poorspecificationoftherelationshipbe-tweenvariablesintheregressionequationisoftenthecause.auto-economy(G0)Thatpartofaneconomy,accordingtoHICKS,whichfinancesitselffromitsownstockofliquidassets.ReferencesHicks,J.(1 974 )TheCrisisinKeynesian Economics, ch.2,Oxford:BasilBlackwell.autogestion(J5)AFrenchapproachtoWORKERS’PARTICIPA-TIONintherunningofenterprises,pro-posedafterthe1968uprisingsinFrance.Thisphilosophyofmanagementholdsthatenterprisesshouldbelesshierarchical,withallemployeesparticipatingdirectlyindecisionmaking,especiallyaboutworkorganization,promotionandotherem-ploymentrules,technologyandmethodsofproduction.Thisdemocratizationwouldincludeanewframeworkfordis-cussionsbetweenenterprises.Seealso:syndicalismReferencesChauvey,D.(1 970 )Autogestion,Paris:EditionsduSeuil.automatedclearinghouse(G2)Anorganizationfortheelectronicmatch-ingofchequesdrawnondifferentbankssothatinterbankindebtednesscanbesettled.Seealso:CHAPS;CHIPSAutomated...

... The Rhetoric of Economics, Brighton: Wheatsheaf. economics of crime (K4)1 A branch of NEOCLASSICAL ECONOMICS which analyses the decision making of criminals in terms of a comparison of the marginal ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:213–25.Stiglitz,J.E.(2000)‘Thecontributionoftheeconomicsofinformationtotwen-tiethcenturyeconomics’,QuarterlyJournalofEconomics115November):1441 78 .economicsoflaw(K0)1Theeconomicanalysisoflegalissues,especiallyPROPERTYRIGHTS,negligence,contractandcrime,aswellasthemoreobviouslyrelatedareasofregulation,competitionandmonopoly.2Theapplicationofpricetheoryandstatisticalmethodstothestudyoflegislation,legaldecisionsandcourtsoflaw.COMMONSwasoneofthefirsteconomiststouselegalmaterialstofurthereconomicanalysis.COASEpio-neeredtherigorousapplicationofeco-nomicstoalegalproblem–inhiscasethelawofnuisance.STIGLERandothersbroughttheilluminationofeconomicsintodarkareasofREGULATION.Posnerdemonstratedthatmostbranchesofthelawcanbenefitbytheuseofeconomicconcepts.ThevaluationofcostsandbenefitsandtheapplicationofthenotionofOPPORTUNITYCOSTtomanylegalproblemsaretheprincipalwaysinwhicheconomistshaveshownthem-selvestobeinvaluablecolleaguesoflawyers.Suchistheimportanceofthismod-ernbranchofeconomicsthatseveraljournalsspecializeinblendingeconomicandlegalanalysis,notablyJournalofLawandEconomics,JournalofLegalStudies,InternationalReviewofLawandEconomicsandJournalofLaw,Econom-icsandOrganization.Seealso:economicsofcrimeReferencesHirsch,W.Z.(1999)Lawandeconomics:Anintroductoryanalysis,3rdedn,SanDiegoandLondon:AcademicPress.Ogus,A.I.andVeljanovski,C.G.(eds)(1984)ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1989)AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1986)EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–1116,1985.Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(1 975 )‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy83: 27 56.Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic ... Rutherfordandunfilledvacancies.Indicatorsofout-putshowthegrowthofproductionofprincipalindustries;indicatorsofexternaltradeincludeindicesofexportandimportvolume,thevisibleandcurrentbalancesandthetermsoftradeplusthesizeoftheofficialreserves;financialindicatorsin-cludechangesinvariousmeasuresoftheMONEYSUPPLY.Inflationindicatorsincludethoseforretailprices,basicmaterialsandwholesalepricesofmanufacturedpro-ducts.Seealso:coincidentindicatorseconomicinstitution(P0)1Anorganizationwhichisacomponentofaneconomy.2AsystemofPROPERTYRIGHTS.3Anormofeconomicbehaviour.4Adecision-makingunit.5Atypeofcontract,e.g.aformofinsurancetocoveraparticularsortofrisk.ReferencesWiles,P.J.D.(1 977 )EconomicInstitutionsCompared,Oxford:BasilBlackwell.economicintegration(F0)Thejoiningtogetherofeconomicactiv-ities,especiallythetradeofseveralcoun-tries.Thiscantakedifferentforms,includingFREE-TRADEAREAS,CUSTOMSUN-IONS,COMMONMARKETSandfederationsofnationaleconomies.Differentformsofintegrationcanbedistinguishedbytheextenttowhichindividualnationalgov-ernmentsretainindependenceindecisionmaking.Seealso:EuropeanMonetarySystemeconomicjournals(A1)Thelearnedacademicperiodicals,mostlypublishedquarterly,containingarticlesandbookreviews,which,bypresentingtheresearchfindingsoftheeconomicsprofession,givetheclearestindicationofthepresentstateofthesubject.Someofthem,e.g.theAmericanEconomicReview,attempttocoverallbranchesofeconom-ics,butincreasinglyjournalsspecializinginaparticularbranchofthedisciplinehavebeenfounded.Manyeconomistsonlypublisharticlesandavoidpublishingbooksbecauseofthegreatstatusthejournalshaveattainedintheeconomicsprofession.Recentlymanyoftheseperiod-icalshaveaddedassessmentsofcomputersoftwaretotheirbookreviews.Thelead-ingacademicjournalsofeconomicsin-cludeAmericanEconomicReview,BankofEnglandQuarterlyReview,Economica,EconomicJournal,JournalofIndustrial Economics, JournalofPoliticalEconomy,ManchesterSchoolofEconomicandSocialStudies,NationalInstituteEconomicRe-view,OxfordEconomicPapers,QuarterlyJournalofEconomics,ReviewofEconomicStudies,ReviewofEconomicsandStatis-tics.Seealso:financialjournalismeconomicjustice(D6)Distributivejusticebasedonfullyin-formedandvoluntarytransactions.SinceAristotle’sNicomacheanEthicsmanyeco-nomicwritingshaveassertedtheimpor-tanceofensuringthatexchangeisfairtobothpartiesandthatthefruitofproduc-tionshouldbedistributedtofactorsofproductionaccordingtotheirrelativein-puts.Seealso:Rawlsianjusticeeconomic...

... Rutherfordextendedequilibrium(D5)AnexpansionoftheconceptofGENERALEQUILIBRIUMtoincludethenaturalenviron-ment.extendedfundfacility(F3)AtypeofINTERNATIONALMONETARYFUNDloanintroducedin1 974 whichisgrantedtoacountrywhichagreestoaneconomicadjustmentprogrammeoverathree-yearperiod.Repaymentbeginsfourandahalfyearsaftertheloanisgrantedandisextendedoverasix-yearperiod.Thefacil-itywasusedtotheextentofabout$100millionannuallyinthe1 970 s,andbythemid-1980shadrisentoover$2billionperyear.ItcanbeusedinconjunctionwithaSUPPLEMENTARYFINANCINGFACILITY.externalaccount(F4,G2)1TheBALANCEOFPAYMENTSaccountsofanation.2Abankaccountofapersonwhoisnotaresidentofthecountry.externalbalance(F4)Thestateofacountry’sBALANCEOFPAY-MENTSsuchthatitisneitherindeficitnorinsurplus.Inaccountingterms,thebal-anceofpaymentsalwaysbalancesbecauseoftheprinciplesofdouble-entrybook-keeping.However,ineconomicterms,foracountrytohaveanexternalbalancetheremustbeanequalitybetweentheflowsofpaymentsandreceiptsbetweenthatcountryandtherestoftheworldinagiventimeperiod.Seealso:internalbalanceReferencesMeade,J.E.(1951)TheTheoryofInterna-tionalEconomicPolicy,Vol.I,TheBalanceofPayments,ch.10,LondonandNewYork:OxfordUniversityPress.Swan,T.W.(1963)‘Longerrunproblemsofthebalanceofpayments’,inH.W.ArndtandW.M.Corden(eds)TheAustralianEconomy,Melbourne:F.W.Cheshire.externalcreditrating(F4,G2)1Theratingaccordedtoabankofitsexposuretorisk.2Thereliabilityofacountryinservicingitsexternaldebttobanksandothercountries.externaldebt(F4,H6)ThedebtacountryowestoforeignbanksandgovernmentswhichaccumulatesthroughitspersistentBALANCEOFPAYMENTSdeficits.Anattempttoachieveeconomicgrowthinashorttimeperiodisoftenthecauseofsuchindebtedness.Inextremecasesofforeignindebtedness,nationalgovernmentswillattempttorescheduletheirdebtsand,inacrisis,applytotheINTERNATIONALMONETARYFUNDforloans.Seealso:internaldebtexternaleconomyofscale(D0)AreductionintheAVERAGECOSTSofafirmasaresultoftheexpansionofthewholeindustryofwhichitispart.Amajorexampleoftheseeconomiesoccursinthecaseofthetrainingoflabour:thegeneralexpansionofanindustryrequiresmoreskilledlabourtoprovideapoolofsuitablelabourforotherfirms.Seealso:internaleconomyofscaleexternality ... committee consists of seven of the board’s governors plus five of thepresidents of the regional Federal ReserveBanks, one of whom is always the Pre-sident of the Federal Reserve Bank of NewYork. ... lists of the functions of govern-ment in the works of PETTY, SMITH and JohnStuartMILL were slightly longer. Pettyapproved of state financing for clergy anddoctors, Smith of the building of...

... had statutory incomes policiesfor the periods 1966 70 and 1 972 74 ,compulsory policies 1 975 7 and voluntarypolicies 1948–50, 1961–2 and 1 977 –9.There was a tendency to impose an in-comes policy ... themselves.ReferencesHicks, J.R. (1939) ‘Foundations of welfare economics , Economic Journal 49: 696– 71 2.Kaldor, N. (1939) ‘Welfare propositions of economics and interpersonal compari-sons of utility’, Economic Journal ... from 19 47 to 1949, after which he wasa fellow of King’s College, Cambridgeuntil 1986, rising to a chair of economics which he held from 1966 to 1 975 . He wasawarded a peerage in 1 974 .He wrote...

... Charter Act 1844Bank Holding Company Act 1956Banking Act 1 979 Banking Act 19 87 Bank of CanadaBank of EnglandBank of Italy (BOI)Bank of Japan (BOJ)bank rateBanque de Francebase ratebimetallismBradburyBritanniaBundesbankCash ... samelevel of output, neither expanding norcontracting as any spending of entre-preneurs’ profits leads to an equalcreation of other profits elsewhere inthe economy.2 The money-creating process of ... costs of regulationBureau of Economic AnalysisBureau of the BudgetChancellor of the Exchequer© 2002 Donald RutherfordSubject classificationsA General economics and teachingA1 General economics A2...